Kodiak Completes Williston Basin Acquisition

Kodiak Oil & Gas has closed its acquisition of Williston Basin oil and gas-producing properties and an undeveloped leasehold located in North Dakota, US.

The $110m acquisition includes 23,133 gross and 14,494 net acres, and production of 500 net barrels of oil equivalent per day (boed).

The acreage provides Kodiak with the opportunity to develop over 60 net Bakken / Three Forks drilling locations.

For the acquisition, Kodiak and its lender, Wells Fargo Bank, entered into an amendment for expanding the firm’s existing credit facility based on its drilling results to date and in part on the production and reserves added through the acquisition.